Bank of England: recession was deeper than feared and recovery will be slow - #recession #recovery #economy

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	Bank of England: recession was deeper than feared and recovery will be slow - #recession #recovery #economy

JICWyllie

8-12-2009 8:53 AM

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tags:

1-recession, 2-duration, 2-increase, 3-forecast, 4-uk

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/657ced2d-7a85-410e-b661-ff687d9c3bb8/18D07877-76A6-443E-8913-04BBD1F1F933/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.telegraph.co.uk/finance/financetopics/recession/6015063/Bank-of-England-recession-was-deeper-than-feared-and-recovery-will-be-slow.html" href="http://www.telegraph.co.uk/finance/financetopics/recession/6015063/Bank-of-England-recession-was-deeper-than-feared-and-recovery-will-be-slow.html" style="font-size: 11px;">www.telegraph.co.uk</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/financetopics/recession/6015063/Bank-of-England-recession-was-deeper-than-feared-and-recovery-will-be-slow.html"><P>
While Mervyn King, the Bank's Governor, acknowledged that there have been more 
  encouraging signs from recent surveys, "we will still, I think, find 
  ourselves in a difficult position for a long time to come." 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/financetopics/recession/6015063/Bank-of-England-recession-was-deeper-than-feared-and-recovery-will-be-slow.html"><P>
<STRONG>Inflation:</STRONG> to stay below the Bank's 2pc target and there remain real 
  downside risks 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/financetopics/recession/6015063/Bank-of-England-recession-was-deeper-than-feared-and-recovery-will-be-slow.html"><P>
<STRONG>Recovery:</STRONG> strength of it 'remains highly uncertain' 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/financetopics/recession/6015063/Bank-of-England-recession-was-deeper-than-feared-and-recovery-will-be-slow.html"><P>
<STRONG>Unemployment:</STRONG> it will rise for the 'foreeeable future' 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/financetopics/recession/6015063/Bank-of-England-recession-was-deeper-than-feared-and-recovery-will-be-slow.html"><P>
The quarterly report will be even more carefully scrutinised than usual given 
  the Bank's shock decision last week to extend its programme of printing 
  money, or <STRONG><A href="http://blogs.telegraph.co.uk/finance/edmundconway/100000446/why-the-bank-of-england-has-shocked-markets-again/">quantitative 
  easing (QE)</A></STRONG>. The Bank sent sterling sliding with its plan to inject 
  money into the economy by a further £50bn to £175bn. 
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.telegraph.co.uk/finance/financetopics/recession/6015063/Bank-of-England-recession-was-deeper-than-feared-and-recovery-will-be-slow.html"><P>
However, with companies still laying off staff in the teeth of the global 
  downturn and the banks writing down billions in bad loans, Mr King 
  emphasised that recovery will be difficult. 
</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/18D07877-76A6-443E-8913-04BBD1F1F933/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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